0001145549-22-044134.txt : 20220727 0001145549-22-044134.hdr.sgml : 20220727 20220727121909 ACCESSION NUMBER: 0001145549-22-044134 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220531 FILED AS OF DATE: 20220727 DATE AS OF CHANGE: 20220727 EFFECTIVENESS DATE: 20220727 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLIED ASSET ADVISORS FUNDS CENTRAL INDEX KEY: 0001105877 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-09821 FILM NUMBER: 221110127 BUSINESS ADDRESS: STREET 1: 721 ENTERPRISE DRIVE STREET 2: SUITE 100 CITY: OAK BROOK STATE: IL ZIP: 60523 BUSINESS PHONE: 4147656029 MAIL ADDRESS: STREET 1: 721 ENTERPRISE DRIVE STREET 2: SUITE 100 CITY: OAK BROOK STATE: IL ZIP: 60523 FORMER COMPANY: FORMER CONFORMED NAME: AAA FUNDS DATE OF NAME CHANGE: 20000209 0001105877 S000005190 Iman Fund C000014168 Iman Fund Class K IMANX N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0001105877 XXXXXXXX true false false N-1A true ALLIED ASSET ADVISORS FUNDS 811-09821 0001105877 549300CULHX3CGIIT409 715 ENTERPRISE DRIVE SUITE 100 OAK BROOK 60523 US-IL US 8663863785 U.S. BANCORP FUND SERVICES, LLC 615 E. MICHIGAN MILWAUKEE 53212 18336121912 ADMINISTRATOR, FUND ACCOUNTANT, TRANSFER AGENT AND DIVIDEND DISBURSING AGENT U.S. BANK NATIONAL ASSOCIATION 1555 NORTH RIVER CENTER DRIVE SUITE 302 MILWAUKEE 53212 1-833-612-1912 Records relating to the registrant's custodian QUASAR DISTRIBUTORS, LLC 111 EAST KILBOURN AVE SUITE 1250 MILWAUKEE 53202 1-833-612-1912 Records relating to the registrant's distributor ALLIED ASSET ADVISORS INC. 715 ENTERPRISE DRIVE SUITE 100 OAK BROOK 60523 8663863785 Records relating to the registrant's investment advisor Cohen & Company, Ltd. 842 N. Water St. Suite 830 Milwaukee 53202 4142036340 Public accountant records N N N N-1A 1 Y Muhammad Kudaimi N/A N Mohammed Kaiseruddin N/A N Abdalla Idris Ali N/A N DR. BASSAM OSMAN N/A Y AZAM NIZAMUDDIN N/A 715 ENTERPRISE DRIVE OAK BROOK 60523 XXXXXX N N N N N N N N Quasar Distributors, LLC 8-52323 000103848 N/A N N COHEN & COMPANY, LTD. 00925 N/A N N N N N N N IMAN FUND S000005190 549300DO39H6IHS4FO80 N 1 0 0 N/A N N N N N/A N/A N/A Rule 32a-4 (17 CFR 270.32a-4) N N N N ALLIED ASSET ADVISORS, INC. 801-57323 000112441 549300D039H6IHS4FO80 N U.S. Bancorp Fund Services, LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N Bloomberg L.P. 549300B56MD0ZC402L06 N Refinitiv US LLC 213800HQORQAP68CJJ04 N N U.S. Bank National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 N N N Instinet, LLC 8-23669 000007897 549300MGMN3RKMU8FT57 52345.000000000000 52345.000000000000 0.000000000000 N 163205750.000000000000 N N N N true INTERNAL CONTROL RPT 2 iman-letter.htm INTERNAL CONTROL LETTER

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Iman Fund and
Board of Trustees of Allied Asset Advisors Funds

In planning and performing our audit of the financial statements of Allied Asset Advisors Funds comprising Iman Fund (the “Fund”) as of and for the year ended May 31, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting.  Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting.  In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.  A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP).  A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.  A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund’s annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB.  However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of May 31, 2022.

This report is intended solely for the information and use of management and the Board of Trustees of the Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ COHEN & COMPANY, LTD.

COHEN & COMPANY, LTD.
Milwaukee, Wisconsin
July 26, 2022